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Edmonton Journal

Edmonton see strong demand for luxury real estate

Article content Edmonton's resale market has led the nation's largest cities in recent months, and its once-sleepy luxury market is no exception. Article content 'Edmonton's luxury market has done really well with (resales) activity having gone up a lot,' says Jeremy Amyotte, realtor and broker with Amyotte Real Estate, who specializes in the city's luxury market. Article content Article content Realtors Association of Edmonton statistics year to date, ending June 30, show an 18 per cent increase in resales of homes $1 million or more with 187 transactions. The levels are at the highest level in the last five years. Article content Article content A key activity driver is bottom-up demand with prices in the non-luxury market rising due to high demand. Article content Article content It cites declining luxury sales in Toronto — down 28 per cent year over year — and Vancouver — down 51 per cent. Article content Calgary saw growth in luxury, up three per cent, with the report noting its market exhibits a balance between supply and demand, much like its entire resale market. Article content Only Montreal's luxury market stood out for growth, increasing 26 per cent. Article content Both its and Calgary's luxury markets start at $1 million, whereas Vancouver and Toronto's upper echelon's entry price-point is $4 million. Article content Article content Edmonton's luxury market also starts at $1 million, and it typically offers more value for buyer dollars than the major cities in the report, which did not include Alberta's capital. Article content A particularly hot spot for growth in Edmonton is the custom-built, new homes market, whereby many homes are constructed on spec, says John Carter, broker/owner of Re/Max River City. Article content 'Some builders are waiting until it's 100 per cent complete before listing on MLS, and those properties for the most part are selling well.' Article content Others are sold before completion 'with buyers often purchasing before the final finishing stage that allows for some customization to buyer's choice.' Article content Carter adds many buyers in this segment have large families, and a significant share come from out of province. Article content Still, much of the demand comes from the local market with move-up buyers getting good value for the homes they are selling, enabling them to jump into luxury, Amyotte says.